Berkshire Hathaway Inc. has agreed to acquire Applied Underwriters and all of its subsidiaries, including its North American Casualty insurance companies.
Applied Underwriters is a privately held company that is an industry provider in integrated workers’ compensation solutions (www.applieduw.com). Terms of the transaction were not disclosed. The transaction remains subject to customary closing conditions.
Applied Underwriters will continue to be managed by its founders, Chairman and Chief Executive Officer Sidney Ferenc, and President and Chief Operating Officer Steven Menzies, as well as the rest of its current management team. The company maintains its national operations center in Omaha, Nebraska. It will remain headquartered in San Francisco, and all of its business operations will continue as usual.
“We are delighted to become partners with Sid and Steve,” said Warren Buffett, Berkshire Hathaway chairman and CEO. “We invest in proven companies that are industry leaders, and that offer significant growth potential. Applied’s management team has the disciplined mindset necessary to lead a profitable underwriting operation.”
“Becoming part of Berkshire Hathaway’s family of companies is a terrific opportunity for our management, staff and employees,” said Ferenc. “This acquisition will provide tremendous value to our agents, brokers, and their customers. We look forward to a long and mutually rewarding relationship.”
Applied Underwriters provides business insurance solutions for a wide range of companies, with specific expertise in crafting workers’ comp and business services solutions for small and medium-sized enterprises. Applied’s products include SolutionOne and EquityComp.
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